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Naira Down To N1,655/$ In Parallel Market

The Naira weakened yesterday to N1,655 per dollar in the parallel market, down from N1,645 traded on Wednesday. In the Nigerian Autonomous Foreign Exchange Market (NAFEM), the Naira also depreciated to N1,649.76 per dollar.

FMDQ data showed that NAFEM’s indicative exchange rate climbed to N1,649.76 per dollar from N1,558.75 on Wednesday, reflecting a N91.01 drop in the Naira’s value.

As a result, the gap between the parallel market and NAFEM rate shrank to N5.24 per dollar from N86.25 the previous day.

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